Ur banks are belong to us

[guartz]

Click here

This is the best news article I could find regarding the issue. Unfortunately.

Basically, what this overhaul means is regulatory agencies will be controlled by fed (instead of legislation) and any bank that goes bad automatically becomes property of the federal reserve.

oh and the article also touches on the origins of the sub-prime mortgage crisis.

"Lax regulation has been widely blamed for permitting a flood of inadequately documented loans to be made during the boom years of a U.S. housing market that has since soured and now threatens to drag the economy into a deep recession."

I lol'd hard.

There you have it guys. Sub-prime mortgage crisis? Yeah, it's because you didn't put
your middle initial on your application. You bastard.

Onion couldn't do better, seriously.

[finitek]

omg lolguartz!!!

[guartz]

omg lolguartz!!!

f- you, I'm not a meme!

[Beckwin]

http://img179.imageshack.us/img179/2...ic7copyrl2.jpg

[Tajin]

That picture is amazing.

[finitek]

I work very close to the "world cant wait" office in Berkeley, CA. this is the kind of stuff I am subjected to every day. so forgive me if you are posting crap. cause you seem like you have a subscription to the "Revolution" commie rag newspaper and you probably read everything that Bob Avakian writes as gospel.

anyway you make me smile and please keep posting. I have lurked on these forums since they started and they never get old.

thats all.

-Fin

[guartz]

I work very close to the "world cant wait" office in Berkeley, CA. this is the kind of stuff I am subjected to every day. so forgive me if you are posting crap. cause you seem like you have a subscription to the "Revolution" commie rag newspaper and you probably read everything that Bob Avakian writes as gospel.

anyway you make me smile and please keep posting. I have lurked on these forums since they started and they never get old.

thats all.

-Fin

Your subjected to news articles everyday? I'm really sorry?

[Shuemue]

http://www.radrowdies.com/vt/asp/Aff...narchy-red.jpg

[finitek]

Are you denying your devotion the Communist Ideal guartz?

You always post this drivel so the least you could do is confirm or deny your stance.

[Beckwin]

I'm the commie, guartz is the anarchist/libertarian/tin foil hat guy.

[guartz]

Are you denying your devotion the Communist Ideal guartz?

You always post this drivel so the least you could do is confirm or deny your stance.

No no. I'm totally a communist.

Beckwin is an anarchist though. Pick on him.

[finitek]

Forgive me Beckwin. I should have known.

[guartz]

But I'm glad you agree that this latest move by the fed is totally communist.

[Krye]

The more you share, the more you're gonna get!

[noblemountain]

There you have it guys. Sub-prime mortgage crisis? Yeah, it's because you didn't put
your middle initial on your application. You bastard.

Onion couldn't do better, seriously.

my best friend owns a mortgage company, it's not because "you didn't put your middle initial" it's because they didn't require documentation on a lot of loans depending on your credit score. you could just do stated income and say "i made 200k last year" and not prove it. this let people buy way over their heads and they ended up not being able to afford it later. i know in some markets they had a lot of mortgage brokers go out of business and were cutting back big time on loan officers because of the new regulations passed down by the government. all the new regs do is require a lot more proof that you make what you say you make and have stiffer score limits.

[Krye]

What's mine is yours, what's yours is mine.

[Beckwin]

and topic over.

[Tajin]

This was in a slide presentation that was linked in a thread not too long ago right?

[Correction]

Third time I've posted this:

http://docs.google.com/TeamPresent?doci ... true&pli=1

For you people who STILL don't understand the origins of the subprime meltdown.

RSG Investment Bank == Bear Stearns, for the uninitiated.

[evilbau]

More regulation in this area is definitely needed so this is a step in the right direction. Your understanding of the 'sub-prime mortgage crisis' is pretty sad. This seeks to stem 'creative accounting' from the financial wizards on wall street. When they packaged mortgages as investments and said there was a 5% default rate (made up number) and many people, banks, and investors dumped money into them. At that time, there should have been more oversight and regs to 1. Verify that is a realistic number, 2. disclose how they arrived at it, and 3. provide recourse for people burned by their incorrect (some might say intentionally so) assumptions.

I don't see anything wrong with trying to add some more order to the wild west of financial markets. Less people get hurt that way. I just hope they get to policy regarding Hedge Funds and Private Equity firms before more financial disasters occur.